Seoul: Exports in South Korea jumped 33.9 percent from a year earlier in January, reaching over US$65 billion, as strong demand for semiconductors on artificial intelligence servers fueled the growth, according to government data released on Sunday. The Ministry of Trade, Industry and Resources compiled the data, revealing that outbound shipments amounted to $65.85 billion last month, marking the highest figure for any January on record.
According to Yonhap News Agency, this achievement marked the first occasion that South Korea's January exports exceeded $600 billion. Imports also saw an increase of 11.7 percent on-year to $57.1 billion, resulting in a trade surplus of $8.74 billion. This marks the 12th consecutive month of a trade surplus for South Korea. Last year, the nation's outbound shipments surpassed $700 billion for the first time, buoyed by strong performances in key export sectors, including semiconductors, automobiles, and ships.
In January, semiconductor exports soared to $20.54 billion, a 102.7 percent increase from the previous year, driven by rising memory chip prices and high demand for AI servers. Car exports also saw significant growth, climbing 21.7 percent on-year to $6.07 billion, attributed to an increase in working days and strong sales of eco-friendly vehicles. The export of wireless communication devices, including mobile phones, surged 66.9 percent to $2.03 billion, marking a third consecutive month of growth, while computer exports rose 89.2 percent to $1.55 billion, continuing their upward trend for the fourth month in a row.
Petroleum product shipments increased by 8.5 percent to $3.52 billion, and biohealth product exports expanded by 18.3 percent to $1.35 billion. Exports of agro-fisheries products and cosmetics also saw notable increases of 19.3 percent and 36.4 percent, respectively, achieving record figures for January.
By destination, exports to China surged 46.7 percent on-year to $13.51 billion, driven by strong demand for semiconductors, machinery, and steel. Exports to the United States rose 29.5 percent to $12.02 billion, supported by a significant rise in semiconductor shipments despite tariff impacts. However, automobile and machinery shipments to the U.S. declined by 13 percent and 34 percent respectively, due to the tariff policies of U.S. President Donald Trump's administration.
Shipments to the Association of Southeast Asian Nations (ASEAN) increased by 40.7 percent to $12.11 billion, the third highest for any month, on the back of robust demand for semiconductors, displays, and ships. Exports to the European Union (EU) also grew by 6.9 percent to $5.39 billion, led by the export of steel, computers, and wireless communications devices.
Industry Minister Kim Jung-kwan stated, "Exports got off to a solid start this year, with January exports posting double-digit on-year growth."